Tamarack Valley Energy Ltd Reports Audited Operating Results for the Fourth Quarter Ended December 31, 2016; Reaffirms Production Guidance for the Year 2017
Tamarack is re-affirming its 2016 annual average production guidance of between 19,000-20,000 boe/d (approximately 55-60% liquids), with 2017 exit production estimated between 20,000-21,000 boe/d (approximately 57-62% liquids). Capital expenditure range of $165 million to $175 million, with first half 2017 expenditures $65 million to $75 million. Estimated year end 2017 fourth quarter annualized debt to cash flow (including hedges) ratio below 0.9 times with an estimated $70 million to 75 million of liquidity on the company's existing credit facilities.